“Don’t ignore your pension duties – it’s not worth risking your credit rating”. This is just one statement in the latest update from The Pensions Regulator.
The quarterley update provides information about cases and theirs powers when managing compliance to the workplace pension legislation.
- Compliance Notices have increased 25% from 25,384 to 31,680
- Fixed Penalty Notices (one off £400) have increased 42% from 6,912 to 9,831
- Increasing Penalty Notices (between £50 and £10,000 per day) have increased a staggering 143% from 607 to 1,477
- The first CCJs for auto-enrolment were issued
- Employers who avoid their auto-enrolment duties could risk credit rating problems